London has now the distinction of having property within its boundaries that, on average, is twice the value of the average property in the rest of the UK.
According to the Nationwide the difference in price between the average home in and
outside London is now £183,000. The Telegraph reports that London prices were up 18% on the previous year.
Is that a good thing?
Only if you are a London property owner looking to downsize or move outside of London.
Sadly the bubble is brought about by a disproportionate number of wealthy foreign property investors, and a limited supply outstripped by an excess demand from those who do not wish to endure the increasingly barbaric daily commute into London.
The situation is unsustainable, and the correction will be brutal.